Gov't Affairs Blog

OLD Gov't Affairs Blog

We stopped using this blog after the 2013 Florida Legislative Session and created a new Government Affairs Forum, which will allow us to better control distribution of information. This one will be maintained as an archive.

More formal bulletins, summaries of legislation, position papers and the like appear on the Government Affairs page

06/21/2011 10:34 PM |
Anonymous

CFO Jeff Atwater's office asked that we remind our members that it is illegal to write title insurance policies on insurers who are not currently authorized in Florida; and that any agent or other person who, directly or indirectly, aids or represents an unauthorized insurer can lose their licenses or face other disciplinary sanctions. A copy of his memorandum can be accessed here.

Agencies writing policies in multiple states are at particular risk of inadvertent violations -- simply by grabbing the wrong policy jacket for a Florida transaction.

While it is not addressed in this memorandum, it is also a violation to issue an unauthorized policy form insuring Florida real property. The 2006 policy forms approved in Florida differ from the ALTA standards in some key respects -- so make certain that you are only issuing policy and endorsement forms "with Florida modifications" on your Florida transactions.

06/18/2011 12:08 PM |
Anonymous

People are still sending recordings to the Clerk's office in Broward. After a delay, these documents are (hopefully) returned unrecorded. Recognizing the problems this may cause -- and because they want to do a good job for their customers -- the Broward County Records Division has asked that we remind our members:

06/17/2011 3:39 PM |
Anonymous

FROM ALTA -- GRASSROOTS ACTION ALERT

Soon, liquidity in mortgage finance will be dictated by government regulations under the definition of a Qualified Residential Mortgage (QRM).

Dodd-Frank requires lenders to retain 5% of the risk of all mortgages that they sell to investors. The QRM is important because it exempts certain types of mortgages from Dodd-Frank's risk retention requirement.

Regulators have gone too far and said that only mortgages with a 20% down payment will be considered a QRM. That means you can expect most lenders will be offering 80/20 LTV mortgages and few other options.

Recently, over 200 members of Congress sent a letter to regulators asking them to reconsider QRM definition, including the negative impact a 20% down payment requirement would have on real estate markets. These lawmakers recognize that income verification, credit history and job security are more important to successful mortgage lending than a hefty down payment.

It is important that Members of Congress that have not signed the letter yet hear from you. Help stop real estate markets from getting worse! You can help by contacting your Member of Congress and asking them to sign onto this important letter to regulators

06/15/2011 1:37 PM |
Anonymous

Representative Kathleen Passidomo (R-Naples) is continuing her efforts to address Florida's foreclosure crisis and has reached out to FLTA and the Real Property, Probate, and Trust Law Section of the Florida Bar for assistance in crafting that solution.

We are honored to have been asked to provide input at this early stage in the process.

05/01/2011 7:17 PM |
Anonymous

On Friday, the House passed HB 907, which includes the FLTA's language excluding most real property transfers as triggering events for transferee liability. Absent that exclusion, a title agent would be responsible for seeking a tax clearance certificate in almost every sale.